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Chinese Pres Jintao, today seeks permission from the USA's new Boss (PUTIN) to buy Unocal?

"Rhetoric is a poor substitute for action, and we have trusted only to rhetoric. If we are really to be a great nation, we must not merely talk; we must act big."

Theodore Roosevelt
Spartacus Writes:

CNN's Headline news is reporting today that President Bush is declaring America's dependence on middle east oil is now a "National Security Issue". Bush's declaration comes exactly 9 years after Bill Clinton offered $1-billion dollars in funding to the oil lobby in Washington to research alternative fuels; which they promptly turned down at the time.

It's obvious now that the vast majority of America's populace, along with our elected officials, have passed on our sins of apathy and lack of vigilance to keep our sovereignty (myself included), to those Americans fighting in Iraq, Afghanistan and North Korea among other places, to bear. They will not be able to bear this burden forever, or alone.


"We need the iron qualities that go with true manhood. We need the positive virtues of resolution, of courage, of indomitable will, of power to do without shrinking the rough work that must always be done."

Theodore Roosevelt

"Rhetoric is a poor substitute for action, and we have trusted only to rhetoric. If we are really to be a great nation, we must not merely talk; we must act big."

Theodore Roosevelt

Forces: U.S. & Coalition/Casualties (CNN.com 7/1/2005)

There have been 1,928 coalition troop deaths, 1,741 Americans, 89 Britons, 13 Bulgarians, one Dane, two Dutch, two Estonians, one Hungarian, 25 Italians, one Kazakh, one Latvian, 17 Poles, one Salvadoran, three Slovaks, 11 Spaniards, two Thai and 18 Ukrainians in the war in Iraq as of June 28, 2005. (Graphical breakdown of casualties). The list below is the names of the soldiers, Marines, airmen, sailors and Coast Guardsmen whose families have been notified of their deaths by each country's government. At least 13,190 U.S. troops have been wounded in action, according to the Pentagon. The Pentagon does not report the number of non-hostile wounded. For a historical look at U.S. war casualties, click here. To view casualties in the war in Afghanistan, click here.

July 1, 2005
CNOOC Requests Review of Unocal Bid
Filed at 11:23 a.m. ET (New York Times)

NEW YORK (AP) -- State-owned Chinese oil company CNOOC Ltd., which is locked in a takeover battle with Chevron Corp. to acquire domestic energy provider Unocal Corp., said it filed notice with a high-level government committee requesting a review of its proposed $18.5 billion cash offer.

CNOOC filed notice with the Committee on Foreign Investment in the United States. Under the committee's regulations, Unocal will have seven days to respond to its questions about the proposed merger, the company said.
CNOOC said it was ''confident'' it would obtain clearance from the committee once the review is underway, and looked forward to the review so it could explain the deal in more detail.

''We welcome this opportunity and believe that once all the facts are known and the commercial purpose and terms of the transaction are fully understood, many initial misimpressions will be corrected, and many doubts and questions will be favorably resolved,'' the company said.

The Committee on Foreign Investment was created to monitor foreign investment activity in the United States with an eye on protecting national security.

Led by the Secretary of the Treasury, the committee's 12 members include the secretaries of state, defense, and commerce, the attorney general, the director of the office of management and budget, the U.S. trade representative, and the chairman of the council of economic advisers, according a Treasury Department Web site.

CNOOC launched an unsolicited offer to acquire Unocal in late June, topping an earlier cash and stock offer from Chevron worth $16.59 billion. However, CNOOC's proposal has faced intense scrutiny from lawmakers over national security and other concerns.

American despositary shares of CNOOC rose 77 cents to $60.09, while shares of Unocal rose 11 cents to $65.16 in morning trading on the New York Stock Exchange.

June 30, 2005
Oil Prices Give G8 Summit Economic Headache
Filed at 11:02 a.m. ET

PARIS (Reuters) - With U.S. airlines losing $17,000 a minute, world leaders are under pressure to respond to record world oil prices when they discuss the state of the economy and trade at a Group of Eight (G8) summit in Scotland next week.

Ahead of the meeting, tension is simmering over British calls for a halt to farm export aid in rich nations for Africa's sake, floods of cheap Chinese exports and accusations that the United States is living dangerously beyond its means.

After oil hit a record of $60.95 a barrel this week, Canada confirmed that leaders would broach the risks of high fuel costs hurting U.S. economic growth or smothering the already sluggish economies of much of continental Europe and Japan.

U.S. Air Transport Association chief James May says American airlines are losing $17,000 a minute, which is roughly the same as one oil giant, France's Total, made in profit last year.

French President Jacques Chirac, losing popularity as well as the battle against unemployment, condemned oil price swings, erratic currency exchange rate movements and other ``imbalances'' in the world economy this week, calling for cooperation at G8 level to address the threat.
An official, speaking on condition of anonymity, told Reuters the leaders, whose agenda is devoted to climate change and aid for Africa, would take time out to discuss their own economic problems and publish recommendations in a statement.

German Chancellor Gerhard Schroeder is as worried as Chirac and pressing for the G8 to show it can adapt to a new economic order and a power shift toward low-cost China, where the city of Wenzhou alone makes most of the world's shoes and sex toys.

Diplomats were working flat out in London to prepare the way for a summit that starts on Wednesday and primarily involves United States, Canada, Japan, Germany, Italy, France, Britain and Russia, the G8 club.
Chinese President Hu Jintao is due to meet the G8 leaders on the first day of the July 6-8 meeting at the Gleneagles hotel, along with leaders from India, Mexico, South Africa and Brazil.

Canadian Prime Minister Paul Martin said on Wednesday there would be discussion of currencies and notably the Chinese yuan.
An official told Reuters the summit would repeat a call made more than a year ago in Florida for more exchange rate stability and for greater ``flexibility'' -- code for urging China to ease state controls that keep its currency low and exports cheap.

The dollar's decline over the past few years has abated for now, easing complaints from Europe that its exporters are being hit by the corollary rise in the euro. But Beijing has said it will not be bullied into changing before it is ready.

Several leaders are expected to seize the chance as well to tell President Bush they are worried about record U.S. deficits and the danger to economic stability if the rest of the world stopped pumping money into the United States.


British Prime Minister Tony Blair wants backing for a vast plan of aid to Africa and pledges to combat global warming but both have run into resistance, from the United States above all.

The more strictly economic issues are no less divisive.
``There is no doubt that the United States and China must do more to increase energy efficiency and to save energy,'' German Economy Minister Wolfgang Clement told parliament, confirming that Schroeder would raise the issue in Scotland.

China is now the world's second biggest oil consumer and the latest spike in prices is blamed on demand rather than the cuts in Middle East oil supplies that sent the world into recession in the 1970s and early 80s.
Even Blair's Africa plans have created a parallel problem over farm aid, two officials involved in negotiations said.

His finance minister, Gordon Brown, called on Wednesday for the United States and the European Union, always at loggerheads over farming, to agree to end farm export subsidies by 2010 in the name of fairer trade competition with Africa.

At least in Scotland, the big cars that leaders travel in will be less gas-guzzling. A Canadian company says their cars will run on an eco-fuel it developed, partly using straw.

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